Hogan Lovells

Key Dates

Determination given on 26 September 2018.


Summary

The Deputy Pensions Ombudsman (DPO) has upheld a complaint  against a SIPP provider about the length of time ("something over four months") it took to transfer the member's benefits to a different scheme.

The member wished to transfer his benefits to the Universities Superannuation Scheme (USS) of which he could show that he was a member by virtue of his previous employment.  The DPO criticised the levels of due diligence carried out by the SIPP provider on the USS, such as requiring full documentation, including scheme deeds and a "live signature" on a certified copy of a scheme bank account.  The DPO commented as follows.

The DPO directed the provider to make good any investment loss suffered by Mr S resulting from the undue delay and to pay £500 compensation for distress and inconvenience.



Date Accessed: 28/05/2022